Nitya (46 Points)
23 September 2008here i want to know if this particular transaction is taxable and if so under whose hands.or if not taxable.along with sections".x" is working outside india and tranfers to his sister "y" in india to her account some money in foreign currency.he tranferred that for her expenses of her living.is it taxable?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 24 September 2008
Taxability is determined not on the basis of remittance into India, but income accrual within India by its resident. In this case if the remitter is a NR and income earned outside India, taxability does not arise.
CA Gaurav Gupta
(Practice)
(307 Points)
Replied 24 September 2008
this will depend upon
1. residential status in india
2. income accrues or arises in india or not
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
